Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2021 and 2020, and that were included in the Company’s Consolidated Statements of Condition at those dates:

	Fair Value Measurements at December 31, 2021
(in millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Netting Adjustments		Total Fair Value
Assets:
Mortgage-related Debt Securities    Available for Sale:
GSE certificates	$	—	$	1,107	$	—	$	—	$	1,107
GSE CMOs		—		1,683		—		—		1,683
Total mortgage-related debt securities	$	—	$	2,790	$	—	$	—	$	2,790
Other Debt Securities Available for Sale:
U. S. Treasury obligations	$	45	$	—	$	—	$	—	$	45
GSE debentures		—		1,480		—		—		1,480
Asset-backed securities		—		479		—		—		479
Municipal bonds		—		25		—		—		25
Corporate bonds		—		838		—		—		838
Foreign notes		—		26		—		—		26
Capital trust notes		—		97		—		—		97
Total other debt securities	$	45	$	2,945	$	—	$	—	$	2,990
Total debt securities available for sale	$	45	$	5,735	$	—	$	—	$	5,780
Equity securities:
Preferred stock	$	—	$	—	$	—	$	—	$	—
Mutual funds and common stock		—		16		—		—		16
Total equity securities	$	—	$	16	$	—	$	—	$	16
Total securities	$	45	$	5,751	$	—	$	—	$	5,796

	Fair Value Measurements at December 31, 2020
(in millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Netting Adjustments		Total Fair Value
Assets:
Mortgage-Related Debt Securities    Available for Sale:
GSE certificates	$	—	$	1,209	$	—	$	—	$	1,209
GSE CMOs		—		1,829		—		—		1,829
Total mortgage-related debt securities	$	—	$	3,038	$	—	$	—	$	3,038
Other Debt Securities Available    for Sale:
U.S. Treasury obligations	$	65	$	—	$	—	$	—	$	65
GSE debentures		—		1,158		—		—		1,158
Asset-backed securities		—		527		—		—		527
Municipal bonds		—		26		—		—		26
Corporate bonds		—		882		—		—		882
Foreign notes		—		26		—		—		26
Capital trust notes		—		91		—		—		91
Total other debt securities	$	65	$	2,710	$	—	$	—	$	2,775
Total debt securities available for sale	$	65	$	5,748	$	—	$	—	$	5,813
Equity securities:						—		—
Preferred stock	$	15	$	—	$	—	$	—	$	15
Mutual funds and common stock		—		16		—		—		16
Total equity securities	$	15	$	16	$	—	$	—	$	31
Total securities	$	80	$	5,764	$	—	$	—	$	5,844

Summary of Carrying Values, Estimated Fair Values and Fair Value Measurement Levels of Financial Instruments

The following tables present assets that were measured at fair value on a non-recurring basis as of December 31, 2021 and 2020, and that were included in the Company’s Consolidated Statements of Condition at those dates:

	Fair Value Measurements at December 31, 2021 Using
(in millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Certain loans (1)	$	—	$	—	$	32	$	32
Other assets(2)		—		—		32		32
Total	$	—	$	—	$	64	$	64

(1)Represents the fair value of certain loans individually assessed for impairment, based on the value of the collateral.

(2)Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets and equity securities without readily determinable fair values. These equity securities are classified as Level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.

	Fair Value Measurements at December 31, 2020 Using
(in millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Certain impaired loans (1)	$	—	$	—	$	41	$	41
Other assets (2)		—		—		6		6
Total	$	—	$	—	$	47	$	47

(1)Represents the fair value of impaired loans, based on the value of the collateral.

(2)Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets.

Assets and Liabilities Measured at Fair Value on Non-Recurring Basis

The following tables summarize the carrying values, estimated fair values, and fair value measurement levels of financial instruments that were not carried at fair value on the Company’s Consolidated Statements of Condition at December 31, 2021 and 2020:

		December 31, 2021
								Fair Value Measurement Using
(in millions)		Carrying Value			Estimated Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Financial Assets:
Cash and cash equivalents	$		2,211	$		2,211	$		2,211		$		—		$	—
FHLB stock (1)			734			734			—				734			—
Loans and leases, net			45,539			44,748			—				—			44,748
Financial Liabilities:
Deposits	$		35,059	$		35,051	$		26,635	(2)	$		8,416	(3)	$	—
Borrowed funds			16,562			17,169			—				17,169			—

(1)Carrying value and estimated fair value are at cost.

(2)Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts.

(3)Certificates of deposit.

	December 31, 2020
					Fair Value Measurement Using
(in millions)	Carrying Value		Estimated Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Financial Assets:
Cash and cash equivalents	$	1,948	$	1,948	$	1,947,931		$	—		$	—
FHLB stock (1)		714		714		—			714			—
Loans and leases, net		42,807		42,376		—			—			42,376
Financial Liabilities:
Deposits	$	32,437	$	32,466	$	22,106	(2)	$	10,360	(3)	$	—
Borrowed funds		16,084		16,794		—			16,794			—

(1)Carrying value and estimated fair value are at cost.

(2)Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts.

(3)Certificates of deposit.